Q2 2019 Manhattan Office Market Report
Second quarter ended with overall average asking rents being up eight percent from the previous quarter, $85.37 PSF from $78.98 PSF. Downtown activity has outpaced Midtown and Midtown South accounting for an average of 17% of all leasing activity during the first two quarters. This is due in part to cheaper rents in quality buildings, enhanced transit connectivity and an improving retail landscape. These components are a common theme as occupiers continue to be attracted to both Downtown and the Hudson Yards development.